1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The securities industry is integrating resources through mergers and acquisitions to achieve business complementarity and regional synergy. Dongxing Securities will actively follow national policy guidelines, focus on its main business, and pay attention to industry M&A opportunities [24]. - Dongxing Securities has achieved significant results in the strategic transformation of its equity proprietary investment business towards a non - directional approach, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize investment strategies [24]. - Dongxing Securities adjusted its investment banking business management structure in the first half of the year, making it more refined and intensive, and will adapt to new industry trends to promote new development of investment banking business [24]. - Dongxing Securities' research business aims to strengthen macro - research capabilities and will continue to enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Dongxing Securities, belonging to the securities industry. The reception time was September 15, 2025. The listed company's reception personnel included the Party Committee Deputy Secretary, Director, and General Manager Wang Hongliang, Director, Deputy General Manager, and Financial Controller Zhang Fang, Board Secretary Zhang Feng, Independent Director Zhu Qing, and other relevant personnel [17]. 3.2. Detailed Research Institutions - The types of reception objects include institutional - related personnel, and the specific reception objects are online investors and others [20]. 3.3. Research Institution Proportion - No information provided in the content 3.4. Main Content Data - Regarding the M&A trend in the securities industry, Dongxing Securities will actively follow policies, focus on the main business, and pay attention to M&A opportunities, and will disclose relevant plans in a timely manner [24]. - For equity proprietary investment, Dongxing Securities has achieved results in the non - directional transformation, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize strategies [24]. - In the first half of the year, Dongxing Securities adjusted its investment banking business management structure, making it more refined and intensive, and will adapt to new trends for new development [24]. - Dongxing Securities' research business is strengthening macro - research capabilities and will enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26].

这家券商多位核心高管在线出席，与投资者进行了文字互动，回应了卖方研究体系改革、投行业绩提 升、并购重组趋势等问题。 其中，这家北京券商重启宏观研究团队的动作，备受关注，公司总经理在说明会直面这一热点问题。时 隔六年首次招聘首席经济学家 日前，东兴证券通过官方微信发布《东兴证券公开招聘首席经济学家》一文。 9月15日，东兴证券举行2025年中期业绩说明会。 此次中报的"投行业务净收入"指标中，东兴证券由去年全行业排名三十名开外，直接升至最新的第十 名，业务体量提速非常明显。 对此，中报披露："上半年实施投资银行业务架构改革，业务管理团队由团队制向项目制转变。" 东兴证券总经理王洪亮在业绩会上透露：今年上半年，为进一步打造特色鲜明、功能突出、管理扁平、 快速响应的投行业务管理体系，公司调整和优化了投行业务管理架构。此次调整使投行业务管理更加精 细化、集约化，更加适应行业竞争态势，内外部协同更加高效顺畅。未来，公司将主动适应行业发展新 趋势，努力推动投行业务实现新发展。自营权益投资布局 东兴证券总经理王洪亮在业绩说明会上表示：公司近年来持续推动权益自营业务去方向战略转型，立足 长期价值投资，成效显著，投资品种不断拓 ...